Canada’s Connacher Oil & Gas Drops After Three Executives Leave

Connacher Oil & Gas Ltd. (CLL) fell 24 percent after three top executives stepped down amid pressure to sell the oil and gas producer.

Connacher declined as much as 21 Canadian cents to 68 cents, the most since Dec. 13. The shares were down 17 percent at 11:34 a.m. in Toronto.

The company’s President and Chief Operating Officer Peter Sametz, Chief Financial Officer Richard Kines and Vice President of Corporate Development Grant Ukrainetz have left the Calgary- based company, according to a statement. Connacher also said it will suspend its effort to find a joint venture partner for its Great Divide oil sands project.

Connacher has received calls from shareholders Audley Capital Advisors LLP and West Face Capital Inc. to put itself up for sale or review strategic alternatives after its stock (CLL) lost more than three-quarters of its value over the past five years. The company rejected an “unsolicited, non-binding and conditional” offer last month.

To contact the reporters on this story: Jeremy van Loon in Calgary at

To contact the editor responsible for this story: Susan Warren at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.